Some major investment proposals have been received for a petroleum, chemicals and petrochemicals investment region (PCPIR) coming up in the vicinity of an ambitious oil refinery project in Rajasthan’s Barmer district. The project, emerging as a lucrative financing destination, will be completed on time despite the adverse situation created by the COVID-19 pandemic.
The PCPIR is being developed by the Rajasthan State Industrial Development and Investment Corporation (RIICO) near the 9 million tonnes per annum (MTPA) HPCL-Rajasthan Refinery and Petrochemcial Complex at Pachpadra in Barmer district. The State government is set to provide industrial land for the investment region by July this year.
RIICO Managing Director Ashutosh A.T. Pednekar said here on Friday that the PCPIR would turn out to be a favourite destination for investment in the petrochemicals and ancillary industries because of the advantages of location, connectivity, resources and policy incentives. “We are interacting with the potential investors to address their concerns and enable them to make timely investments,” he said.
The PCPIR has the potential to catalyse investment to the tune of ₹15,000 crore in related industries,such as polypropylene, thermoplastic polymer, butadiene, benzene and toluene. Along with the region’s first phase, the RIICO has identified a 422-hectare land in Barmer district’s Thob village for the establishment of a new industrial area.
Mr. Pednekar, who is also the Industrial Secretary, said the allotment of 93 plots in the PCPIR’s first phase would start in July, while 2.45 sq. km. land in the Borawas-Kalawa industrial area, situated 16 km away from the refinery, was at present being developed. Government land measuring 22.9 sq. km. has been identified at 16 places in the Barmer and Jodhpur districts for the PCPIR.
RIICO officials have interacted with investors and companies from various countries regarding opportunities in the PCPIR. Delegates from the Embassies of the United Arab Emirates and Brazil, along with representatives of nearly 100 companies from different countries participated in a virtual meeting recently.
The PCPIR has assumed significance after priority was accorded by the State government to the ₹43,000-crore oil refinery project. Chief Minister Ashok Gehlot has asked for resource mobilisation for the refinery and said that its full potential should be exploited for creating jobs and business opportunities, despite the pandemic affecting some aspects of the project.
